It doesn't have any storage space.

Many companies never touch these external buildings in an effort to reduce cost, but the TN Landlord Law is clear stating that the owner must maintain the entire lot, which includes fences and external buildings such as storage sheds.  

The basement could be finished out with small kitchen, and three bedrooms and still have an unfinished area for storage, mechanicals, and w/d.The basement needs finish out/remodel work, I haven't decided what to do with it.The upstairs with light cosmetic remodel (around $8k) will rent for $950 easily.  

I close on Friday on two buildings (30 storage units) and a small office space.  

Is it extra living space or mainly storage?

The basement is patently finished with ample room available for storage and there is a nice large yard.  

Personally, I'm a Self-Storage Guy, so I'd perform a basic feasibility study to see if Self Storage Would work in this market, and if not, then pursue a conversion to the larger units.  

I am working on permits to build a storage business on my commercial acreage in WA.

Small park 22 spaces (16 owner occupied-3 park owned-3 vacant lots) with a 30 space mini storage also. $415k asking price. 

Working on a offer on a small park. 19 owner occupied pads, with 30 storage units. 40 year old park, city sewer and water, 1 paved road.